Florida’s housing market: Sales, prices up in 2Q 2015
ORLANDO, Fla. – Aug. 11, 2015 – Florida‘s housing market reported more closed sales, higher median prices, more pending sales and fewer days on the market during the second quarter of 2015, according to the latest housing data released by Florida Realtors®.
Closed sales of single-family homes statewide totaled 77,724 in 2Q 2015, up 15 percent over the 2Q 2014 figure.
“Florida’s housing market continued its positive momentum during the second quarter, with increased demand from buyers and fewer distressed property sales,” says 2015 Florida Realtors President Andrew Barbar, a broker with Keller Williams Realty Services in Boca Raton. “In another positive indicator, new listings for single-family homes over the three-month-period rose 4.6 percent year-over-year, while new townhouse-condo listings rose 1.6 percent.”
The statewide median sales price for single-family existing homes in 2Q 2015 was $200,000, up 11.1 percent from the same time a year ago, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties during the quarter was $155,000, up 9.2 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 33,183 during 2Q 2015, up 7.3 percent compared to 2Q 2014.
The closed sales data reflected fewer short sales last month: Short sales for condo-townhouse properties declined 45.1 percent while short sales for single-family homes dropped 33.6 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The second quarter statistics confirm the tightening of the real estate market in Florida,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Homes are selling for higher prices in less time and at prices closer to the original list price. We clearly have a sellers’ market developing.
“Of note here is the drop in cash sales. We’ve spoken in the past of the retreat of bulk investors in Florida, but now we’re seeing less interest on the part of foreign buyers, who are discouraged by the appreciation of the dollar against their currencies. And, as noted before, the greatest pressures in the market are located at the low end of the price spectrum.”
In 2Q 2015, the median days on market (the midpoint of the number of days it took for a property to sell during that time) was 48 days for single-family homes and 52 days for townhouse-condo properties.
Inventory was at a 4.6-months’ supply in the second quarter for single-family homes and at a 5.5-months’ supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent for 2Q 2015, down from the 4.23 percent average recorded during the same quarter a year earlier.
To see the full statewide housing activity reports, go to Florida Realtors’ website under “Research.” Association members (login required) also have access to local data specific to their market.